Mar 11, 2:29 pm
USDC Depegs From $1 to Low of 87 Cents as DAI, USDD, USDP Also Lose Dollar Peg
US Dollar Coin, the second largest stablecoin by market cap, is currently trading at 91 cents, below its prior all-time-low of 89 cents in May 2019. This depegging happened after Circle, the issuer of USDC, disclosed that some $3.3 billion worth of the cash reserves remain held at Silicon Valley Bank, which was shut down by California financial regulators this week. Major exchanges Binance and Coinbase have temporarily suspended USDC conversions, and other dollar-pegged stablecoins such as DAI and USDD have also been affected.